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    Federal Government declares June 6 and 9 public holidays

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    Prosecutors demand six-year prison sentence for Simon Ekpa

    Prosecutors demand six-year prison sentence for Simon Ekpa

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    Legal Expert says only Rivers State can collect VAT as at today following Appeal Court’s order to “maintain status quo”

    Wike describes Seyi Makinde as chief architect of PDP problems

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Breaking: President Tinubu dissolves Boards of Parastatals, Agencies, Institutions

    President Bola Tinubu Approves New Heads of Federal Agencies & Commissions

    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Breaking: President Joe Biden diagnosed with “aggressive” cancer

    Mexican Navy Ship crashes into New York Bridge

    Mexican Navy Ship crashes into New York Bridge

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Access Bank completes the acquisition of National Bank of Kenya

    ELECTION: Cutix Plc reschedules Board Meeting

    CUTIX PLC reports N1.1 billion profit for the FY ended April 2025

    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

    Honeywell Flour Mills Plc reports N14.6 billion profit for FY ended March 2025

    List of Stockbrokers in Nigeria

    Weekly Market Report: NGX market capitalization settles at N70.46 trillion

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Dangote Group announces major investment in rice production

    Dangote Group announces major investment in rice production

    Vacancy at Port Harcourt Refinery

    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

    Skyway Aviation Handling Company Plc announces N0.6 final dividend for 2024 FY

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    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

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    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

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    Bitcoin crosses US$60K, approaches All-Time High

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    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

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    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

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    Security features of the new naira notes revealed by the CBN

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

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Nigeria Is at Wealth Value Risk – World Bank

Saturday, 9 October 2021, 8:04 pm
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Nigeria Is at Wealth Value Risk – World Bank
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Global apex bank, the World Bank has advised Nigeria to diversify her economy soonest or be ready to suffer a huge wealth value risk due to the shift from non-renewable energy to renewable energy.

This was contained in the bank’s new release on Africa’s Pulse with the report entitled ‘Climate change adaption and economic transformation in Sub-Saharan Africa’.

The report singled out Nigeria and Angola as countries rich in oil and gas deposits while calling out Mozambique, Kenya and Senegal as countries with new oil and gas discoveries.

According to the report, “Countries with a high share of carbon and carbon-linked wealth are highly exposed to carbon risk and need to avoid policies and investments that might elevate their exposure.

“As the world decarbonizes, the shift away from oil, gas, and coal will pose risk to the value of the wealth of countries that are already abundant in nonrenewable energy (for example, Nigeria and Angola), but also that of countries with recent oil and gas discoveries (Mozambique, Kenya, and Senegal).

“The risk of stranded assets in these countries highlights the need to accelerate the reduction of their wealth exposure to carbon risk.”

The Federal Government, through the Ministry of Petroleum Resources, on Thursday, said that there was every need to diversify the economy in order to have divergent avenues to global energy transition.

Chief Timipre Sylva, the Honorable Minister of State for Petroleum Resources, made this known at the Seplat Energy Summit 2021 which had the theme, “Global Trends in Energy Transition and the Africa Perspective”.

He was quoted as saying, “This is undoubtedly a major concern for climate activists in developed nations, but the clamour to emphasis only renewable energy as the sole pathway to energy transition is a source of concern for African countries.”

“This is why in Nigeria, we reject the concept of a single pathway to the energy transition.”

The World Bank report also showed that Africa’s economy is rebounding from the recession orchestrated by the global pandemic that bedeviled world economy.

“In Sub-Saharan Africa, the economy is set to expand by 3 .3 percent in 2021, one percentage point higher than the forecast of the April 2021 Africa’s Pulse, with projections for 2022 and 2023 just below 4 percent. “This rebound was fueled by elevated commodity prices, relaxation of stringent measures, and recovery in global trade. Commodity prices remain well above their pre-pandemic levels, with several reaching all-time highs.

“Oil prices rose above their pre-pandemic levels in the first half of 2021 but have plateaued more recently due to demand concerns and the gradual reversal of previous production cuts by the OPEC+ alliance. “Metal prices remain generally stable on aggregate. The surge in commodity prices combined with rapid growth in China in the first half of the year boost African exports.”

The report also made a statistical comparison of imports and exports within the sub-region.

“The rise in imports (2.17 percent) however outpaced that of exports (1.67 percent), generating a current account deficit comparable to pre-pandemic levels (-0.50 percent).

“On the supply side, available data for the first two quarters suggest that the recovery was supported primarily by a rebound in the service and industry sectors, and to a lesser extent agriculture,” the report added.

Azuka Edokobi
Azuka Edokobi

Azuka Edokobi is a Writer , a Farmer, a Supply Chain Expert and an Entrepreneur

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